Nexstar Media Group has announced plans to purchase TV rival TEGNA in a deal worth more than $6 billion.
Nexstar is set to acquire all of the outstanding shares of TEGNA for $22 per share, which is a 31% premium compared to the company’s 30-day average stock price. The transaction has already been approved by the Board of Directors at TEGNA.
Once the deal is closed, Nexstar Media Group will then have 265 TV stations in 44 states and the District of Columbia. Additionally, it will feature outlets in 132 of the country’s 210 markets.
“The initiatives being pursued by the Trump administration offer local broadcasters the opportunity to expand reach, level the playing field, and compete more effectively with the Big Tech and legacy Big Media companies that have unchecked reach and vast financial resources. We believe TEGNA represents the best option for Nexstar to act on this opportunity,” said Nexstar Media Group CEO Perry Sook.
“TEGNA is a premier operator with high-quality local television stations primarily in the top 75 DMAs. We and TEGNA are similarly dedicated to providing communities of all sizes with the best programming and fact-based local journalism along with innovative digital products and marketing solutions for local viewers and advertisers,” Sook continued. “The transaction will increase Nexstar’s reach through the expansion of our presence in important DMAs such as Atlanta, Phoenix, Seattle, and Minneapolis, as well as enhance our local presence, enabling us to continue to provide the core local news and programming that is in the public’s interest.”
“We are thrilled to have found a partner in Nexstar that will enable TEGNA’s stations to continue doing what we do best: creating outstanding and impactful local content coupled with the delivery of indispensable digital products to the communities we serve around the country,” added TEGNA CEO Mike Steib. “Nexstar and TEGNA both share a rich heritage of commitment to journalistic excellence and technological advancements. Together, we will expand news coverage to serve more communities, across more screens, and ultimately secure the future of local news for generations to come.”
Nexstar says it hopes to have the transaction closed by the second half of 2026.
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